WHO WE ARE. A collaboration between MoneySENSE, the national financial education programme, and Singapore Polytechnic.

Transcription

1 WHO WE ARE A collaboration between MoneySENSE, the national financial education programme, and Singapore Polytechnic. We conduct free and unbiased financial talks/workshops at workplace and public venues 2 1

2 DISCLAIMER This workshop aims to help you evaluate information. It will not involve any advice in product selection. Any mention of industry, company or reference to product is solely for the purpose of illustration and application of concepts. You should consult a licensed financial advisor before making a decision to purchase any financial products 3 Things to know Understand CPF insurance schemes Understand your Medisave account Understand MediShield Life 2

3 CPF INSURANCE SCHEMES Medisave Account (MA) MediShield Life Ordinary Account (OA) ElderShield Dependants' Protection Scheme (DPS) Universal coverage, multiple layers of protection S + 3Ms 3

4 What are Government Subsidies All Singaporeans are eligible for high level of subsidies in public hospitals Up to 80% Class C Up to 65% Class B2 Up to 70% Specialist Outpatient Subsidies are also available at polyclinics, CHAS GP clinics and nursing homes What is Medisave? A national savings scheme to help Singaporeans set aside savings for their healthcare expenses, especially after retirement % Monthly income Medisave can be used to pay for our own and our immediate family members (IFM) healthcare expenses IFMs refer to spouse, children, parents and grandparents. Grandparents must be Singaporeans or Singapore Permanent Residents. Refer to for the contribution rates 4

5 9 Uses of Your Medisave Please refer to the MOH website for the latest list of Medisave withdrawal limits How do I use my Medisave? Let the hospital or clinic know if you would like to use Medisave to pay for your treatment. Sign a form to authorise the hospital or clinic to access information and deduct from your Medisave account. After your treatment is over, the hospital or clinic will work out the bill and submit a claim to the CPF Board. The CPF Board will deduct the allowed amount and send you a statement of account. 5

6 What is? Basic Healthcare Insurance to help pay for large hospital bills and outpatient treatments Targeted for subsidised treatments in public hospitals e.g. Class B2/C wards What is Medifund? Medifund will help Singapore Citizens who are subsidised patients If they cannot afford their bills after subsidies, Medisave and MediShield Life 6

7 Benefits of MedShield Life Very old Currently sick Previously excluded MediShield Life Pays More Patients Pay Less 13 MediShield Life Pays MORE Co-insurance DECREASE Deductible NO CHANGE Co-Insurance Patient Pays LESS Co- Insurance Claim Limits INCREASE Bill above Claim Limits Bill above Claim Limits MediShield Life Hospital bill after MediShield subsidies Payout payout Deductible 14 7

8 Example 1: Stroke Understanding Your Healthcare Coverage Hospitalised for 10 days in B2 ward, 4 days in ICU Mr Yee 48 years old Bill after subsidy Insurance Pays Patient Pays (Medisave/ Cash) MediShield (Before) $10,100 MediShield Life $5,290 $7,547 $4,810 $2,553 MediShield Life Pays MORE, Patient Pays LESS Example 2: Cancer Underwent 4 Chemotherapy Cycles Mdm Lim 63 years old Bill after subsidy Insurance Pays Patient Pays (Medisave/ Cash) MediShield (Before) $6,800 MediShield Life $4,960 $6,120 $1,840 $680 MediShield Life Pays MORE, Patient Pays LESS 8

9 What about MediShield Life Premiums? MediShield Life premiums will be higher than MediShield premiums Will premiums be affordable? Government will provide support for MediShield Life premiums, to keep them affordable 1. Premium Subsidies for Lower to Middle Income 2. Transitional Subsidies 3. Pioneer Generation Premium Subsidies 4. Additional Premium Support 1. Premium Subsidies for the Lower to Middle-Income 15 50% AND AND You live in HDB flat OR in private housing with Annual Value $21,000 Your household monthly income per person is $2,600 You do not own any property, or have only one property to your name 9

10 2. Transitional Subsidies For all Singapore Citizens Help with transition to MediShield Life Government will offset a percentage of the net premium increase over 4 years (In first year, you pay only 10% of the increase) 3. Pioneer Generation Subsidies For all Pioneers Special MediShield Life premium subsidies of between 40% and 60%, depending on age More generous than premium subsidies for non-pioneers 4. Additional Premium Support for needy For those who cannot afford their premiums even after subsidies due to insufficient Medisave and limited family support No one will lose MediShield Life coverage because they cannot afford their premiums 10

11 1. Do I have an Integrated Shield Plan? Do you have one of the following plans? Can you use Medisave to pay for your private insurance premiums? If you answered Yes to any of the above questions, you have an Integrated Shield Plan 21 What is an Integrated Shield Plan? An Integrated Shield Plan has 2 parts Provides higher coverage (e.g. to cover the cost of Class A/ B1 wards, or in private hospital) Managed by private insurer Enough to cover large hospital bills in Class B2/C wards in public hospitals Managed by CPF Board All Integrated Shield Plan policyholders are covered by MediShield Life. MediShield Life is part of your Integrated Shield Plan. There is NO duplicate coverage

12 Add-on to Private Integrated Shield Plans Pays for deductibles and co-insurance Premiums tied to age and type of plan Riders Premiums must be paid using cash E.g. IncomeShield Plus Rider AIA Max Essential Should you keep your Integrated Shield Plan? Healthcare choice & expectation Two questions: 1. Ward class and hospital? Choice of doctor? 2. Are you willing to pay for your IP premiums in the long term, since premiums rise significantly with age? 24 12

13 How much do I pay for premiums? MediShield Life policyholders will be able to fully pay for their MediShield Life premiums using Medisave Premium for MediShield Life* FULLY payable by Medisave, no limit IP policyholders will have Additional Withdrawal Limits (AWLs) for Medisave use to pay for IP premiums Premium for Additional Private Insurance + Premium for MediShield Life* Rest is payable by cash Payable by Medisave, UP TO AWLs FULLY payable by Medisave, no limit *Includes applicable subsidies and Additional Premiums, if any 25 How Additional Withdrawal Limit (AWL) is applied to IP premiums? Age Next Birthday AWLs 1 40 $ $600 >=71 $900 13

14 How much do I pay for premiums? Mr Tan 65 years old Purchased a Private Hospital plan AWL applicable: $600 Premium for Additional Private Insurance $946 Premium for MediShield Life (after subsidies) $466 $600 fully payable by Medisave + $346 Cash payable $466 fully payable by Medisave, no limit What is the Standard IP? Affordable plan intended to provide adequate coverage at the Class B1 level Standardised and identical benefits across insurers Benefits are regulated by the Ministry of Health and will be reviewed from time to time to ensure that they remain relevant to policyholders Standard IP premiums will remain unchanged for 2 years starting from 1 May

15 Cost Comparison MSL premiums (before subsidies) Range of IP premiums (includes MSHL component) Age Next ($) ($) Birthday Class B1 or Private similar Non-ascharged IPs 1 Hospital IPs Standard IP Class A IPs 1 to to to to to to to to to to 78 1, to 80 1, to 83 1, to 85 1, to 90 1, >90 1, Benefits Comparison Source: Compilation from MOH website and Private Insurer s documentation as of March 2016 Benefit Parameter MediShield Life Standard IP (B1 Ward) As-charged IPs Daily Limits $700 / $1,200 (Normal / ICU Ward) $1,700 / $2,900 (Normal / ICU Ward) As charged Surgical Limits $200 - $2,000 $590 - $16,720 As charged Community Hospital $350 per day $650 per day As charged Limits Outpatient Cancer Treatment Claim Limits Deductible Co-Insurance Inpatient : 3 10% Outpatient : 10% Source : Chemo : $3,000 per month Chemo : $5,200 per month Radio : $140 /content/moh_web/med - $500 per Radio : $550 - $1,100 per session ishieldlife/benefits.html (to 81 and $1,500 - $2,500 (to age 81) session $1,500-$3,000 above) Riders may be available 10% Riders may be available As charged $1,500 - $3,500 (to age 81) Can be fully covered by Riders 10% Can be fully covered by Riders Annual Limit $100,000 $150,000 $650,000 Pre- & Post Treatment Not Covered Not Covered Covered to Specified Time 15

16 CHOOSE A PLAN THAT MEETS YOUR NEEDS Example of MediShield Life vs IP payout Patient who had a heart bypass after a heart attack (hospitalised for 8 days in B2 ward) 21 June 2014, The Straits Times Singapore Press Holdings Limited. Reproduced with permission. 16

17 What is ElderShield? Severe Disability Insurance for Long Term Care Needs Helps with severe disability for those unable to perform at least 3 Activities of Daily Living (ADLs) Up to $400 cash/month, for up to 72 months Premiums are fixed based on the joining age and do not increase with age o Last premium payment is at age 65 o Premiums can be paid using Medisave or cash What are Activities of Daily Living (ADLs)? Washing Feeding Dressing Toileting Mobility Transferring How to apply? Auto-covered at age 40 by one of three insurers (NTUC Income, Great Eastern Life, or Aviva) Check that you and your loved ones have ElderShield: o Log on to and login with your SingPass o Contact MOH QSM at moh_qsm@moh.gov.sg You may wish to consider purchasing ElderShield Supplements for additional coverage. o Premiums can be paid using Medisave (up to a limit of $600 per year per person insured) or by cash 17

18 DEPENDANTS PROTECTION SCHEME (DPS) How long am I protected? What does it cover? Another health insurance? How do I pay? How much is the payout? What if I don t have enough funds? 1. Medishield Life is a basic health insurance. Consider Intergrated Shield Plan only if you desire higher coverage. 2. Understand the features of the product you are buying and how they can meet your needs. Always ask your financial adviser to explain when in doubt. 3. Do not make impulsive decisions. You may not be covered under the same terms once you loses the coverage, especially if you suffer a medical condition 18

19 Useful contact information Agency Hotline Website CPF Board Ministry of Health Pioneer Generation v.sg MediShield Life sg 19